Which steps should be done to improve its financial stability.

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Improving financial stability requires a multi-faceted approach that takes into account all aspects of the financial health of an organization. The first step is to analyze existing finances and identify any potential areas for improvement, by looking at the current cash flow, debt situation, and income sources (Kemery et al., 2019). This process should also include assessing any past performance trends in order to determine which strategies have been most successful and where there might be weak spots that need attention (Kemery et al., 2019).

Once this initial assessment has been completed then steps can be taken towards improving overall financial stability. This could involve developing budgeting plans or creating new revenue streams like launching a specialized product line or expanding services provided (Harwood & Horvath, 2018). Additionally, it’s important to keep track of expenses closely since reducing unnecessary costs can help free up resources for other priority areas within the organization (Harwood & Horvath, 2018). Moreover, investing in long term assets such as real estate or technology advancements can provide additional sources of income while also increasing operational efficiency in the long run (Kemery et al., 2019)

Furthermore, it would be beneficial to diversify investments so that funds are spread across multiple sectors rather than relying on one particular area alone. Finally establishing relationships with creditors and lenders who are willing work with organizations during tougher times will prove useful if further financing needs arise down the road.(Kemery et al., 2019)

In conclusion then taking proactive steps towards analyzing current finances combined with implementing strategical measures aimed at generating more revenue while tightly managing costs are essential when attempting to improve an organizations’ financial stability. By following these steps companies can not only increase their chances at staying afloat during trying economic periods but also remain competitive over time